Miami Real Estate Breaks Another Record for August 2021
The Miami-Dade real estate market keeps smashing records over and over! For August 2021, a new record was set for the most homes sold in a quarter for Q2 in 2021. In April alone, we saw the best sales month in the history of Miami Dade county. Now, another record was set with the best August sales month in history!
There are multiple reasons for these records breaking, which include companies and executives moving their businesses to Florida in the masses, lower taxes than other states, record-low mortgage rates, and reduced covid restrictions.
Total homes sales surged 30.6% for August 2021 with an increase to 3,299 from 2,527 properties in 2020. There was a slight decrease in sales for single-family homes at 3.5% sliding from 1,357 to 1,309 from August of last year. However, we did see a 70.1% increase in condo sales from 1,170 to 1,990 compared to last year.
All price ranges have also increased for August 2021, especially in the $300,000 and higher range. The median sales price for single-family homes is up 20.3%, placing the average price at $500,500. Condo median prices are also up from the previous year from $265,000 to $335,000.
Insufficient inventory has also impacted sales. We have seen less inventory specifically for single-family homes which has decreased by 27.4% for August 2021 and 41.9% for condominiums.
Single-family luxury homes have also increased by 68.8% with 258 sales than 2020. Luxury condo sales increased by 217.1% with 222 sales.
Total volume for Miami-Dade real estate reached $2.5 billion in August 2021, with single-family homes increasing from 37.4% at $1.4 billion. Condo volume also increased from $490.8 million to $1.1 billion, at 129.2%.
Cash sales have also played a huge role in transactions. Buyers are paying cash at asking or over asking prices for listings. Cash sales represented 38.9% of all closed transactions for August. Cash sales accounted for 47.6% of condo sales and 25.8% of single-family sales.
Miami is on track to have its best year in sales for condos and single-family transactions ever. Within 8 months, total sales have already surpassed 2020’s numbers at 26,931 from 26,345 (2020). The highest year for sales in Miami was in 2013 at 30,041 total transactions.
Avalon Merrick Park Tower Under Construction in Miami
Photo Credit: L & R Structural Corp., Inc.
Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.
When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.
The shell contractor is L&R Structural and the architect will include Arquitectonica.
Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.
Building Amenities
State-of-the-art fitness center with professional-grade cardio and strength equipment
Rooftop, resort-style pool and sundeck with BBQ area and seating
Pet-friendly living with WAG Pet Spa
Coworking space including workspace pods and reservable conference rooms
WiFi access available in common areas
Package lockers for 24/7 package acceptance
Smoke-free living
Controlled access garage parking
Bike storage
Easily accessible to retail and dining, including the Shops at Merrick Park
One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove
Residence Amenities
Studio, one, two, and three-bedroom floor plans
Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
Washer/Dryer in all homes
Walk-in closets
Air conditioning
Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.
Legacy Hotel & Residences Breaks Ground
Photo Credit: owpbrokers
The highly anticipated Legacy Hotel & Residences finally broke ground today at the development site located at 942 NE 1st Avenue in the heart of downtown Miami. In attendance was Ken Russell (City of Miami Commissioner), representatives of Royal Palm Companies, and Peggy Olin (Owp Property representative).
Also known as Legacy Miami Worldcenter, Legacy is one of the newest pre-construction residential towers located in Park West Miami. The luxury tower will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This tower sold out of all the units prior to the groundbreaking and is the first development to sell out prior to construction.
This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium with all of the luxury amenities a 5-star hotel could offer.
The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.
CONSTRUCTION INFORMATION
DEVELOPER: ROYAL PALM COMPANIES
ARCHITECT: KOBI KARP
DESIGNER: ID & DESIGN INTERNATIONAL
HOTEL AREAS (GROUND LEVEL AND PEDESTAL)
SPECTACULAR 40 FT. HIGH LOBBY WITH GLASS ELEVATORS
SIGNATURE INTERNATIONAL RESTAURANT
FULL-SERVICE CAFÉ WITH LOCALLY SOURCED BAKED GOODS
FIRST OF ITS KIND INTERNATIONAL BUSINESS LOUNGE
GRAND BALLROOM AND EVENT SPACES
SHUL WITH KOSHER KITCHEN
ONE ACRE POOL DECK (9TH FLOOR)
LARGEST DOWNTOWN HOTEL POOL DECK
MULTIPLE WATER FEATURES AND FULL-SERVICE POOL
SIGNATURE RESTAURANT SERVING ALL MEALS
BAR AND LOUNGE
LUXURIOUS DECK FURNITURE
LUSH LANDSCAPING
PLUSH CABANAS
ROOFTOP ATRIUM AND EVENT SPACE
DECADENT LOUNGE WITH SEATING AMIDST GARDENS
FULL-SERVICE BAR FOR INDOOR AND OUTDOOR SEATING
CANTILEVERED, INFINITY-EDGE, SINGAPORE INSPIRED POOL 500-FEET IN THE AIR
ROOFTOP SUNDECK WITH ENDLESS DOWNTOWN VIEWS
PLENTIFUL EVENT SPACE
CENTER FOR HEALTH & PERFORMANCE
50,000 SQ FT MEDICAL CLINIC WITH SUITES FOR HEALTH AND PERFORMANCE
DIAGNOSTICS AND TECHNOLOGY
VIP HEALTH CLUB WITH OPERATING ROOMS AND PRIVATE VIP ENTRANCE
ADVANCED PERFORMANCE TESTING CENTER
WELLNESS (SOME COSTS MAY APPLY BASED ON USAGE AND PROCEDURES)
MEDICAL FITNESS WITH PRESCRIPTION FOR HEALTH
VITALITY SPA
FITNESS STUDIOS
SPORTS MEDICINE/PHYSICAL THERAPY
EUROPEAN STYLED STEAM ROOM
RELAXING SAUNA
ALTITUDE TRAINING ROOM
CRYOTHERAPY CHAMBERS
JUICE/BEVERAGE BAR
IV NUTRITION THERAPY
All but 2 of the 312 units have sold for a combined value of $212 million. Average prices range between $350,000 to $2 million. Royal Palms closed on the construction loan in May 2021. Legacy Hotel & Residences is expected to be completed by 2024.
Natiivo Miami Tower Construction Update
With all the buzz happening over new construction in Miami, here is something else to get hyped about! Over the weekend, 1,400 tons of rebar was reinforced along with 4,400 cubic yards of concrete poured for Natiivo Miami. In the next few weeks, we should start seeing construction go vertical.
Natiivo will mix all of the amenities of a luxury hotel with the hospitality of a residential tower. Located in the heart of downtown Miami at 601 NE 1st AvenueNatiivo will rise 51 stories with incredible views of the Miami skyline as well as Biscayne Bay.
Designed and curated by Urban Robot, Natiivo is the first home-sharing condo/hotel residential tower that will utilize services to their owners with the ability to rent out their condos as short-term or long-term rentals. Owners have the ability to manage their own rentals or utilize Natiivo’s services.
Photo Credit: Skyalign
Natiivo will feature finished and fully furnished 448 residential units with 16 types of floor plans. Units range from studio to three-bedroom suites with 492 to 1,633 square foot options. 601 Miami will also feature 240 hotel rooms managed by Gale Miami Hotel. The building will also offer 3 floors of 70,000 square feet of amenities including offices, food, and beverage rental spaces.
Work Amenities:
Co-working spaces
Private offices
Flexible office arrangements
Video-capable conference rooms
Quiet rooms
Phone booths
Cutting-edge technology and connectivity
Office host
Coffee and juice bar
Amphitheater
Meeting/presentation rooms
Social Amenities:
Specialty restaurant and bar
Dining terrace
Social area with full-service cafe and cocktail bar
Drink and dine lounge areas
Media lounge
Live show and events lounge
The porch
Speakeasy
DJ and live performances
Programmed events
Splash Amenities:
Sun deck
Poolside beverage and food service
Native tropical landscaping
Cabana bar
Pool towel services
Fit Amenities:
Juice bar
Yoga and Pilates studio
Boxing ring with punching bags
Peloton equipment
Weight station
Cross-training/Crossfit
Spa/treatment rooms
Sauna/steam rooms
Locker rooms
Outdoor terrace/training
The Fit Boutique
Construction will continue for Natiivo with an anticipated completion date of 2023. If you or someone you know have an interest in purchasing at Natiivo, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Waldorf Astoria Hotel & Residences Receives Official Approval for Demolition
The Waldorf Astoria Hotel & Residences Miami will rise 100 stories at 1,049 feet tall making it the “highest skyscraper south of Manhattan.” In June, the developers launched Waldorf Astoria’s official sales gallery located at 400 Biscayne Bay, right across from the construction site.
Waldorf Astoria has received official approval to begin clearing the site. According to the Miami Building Department, the demolition permit was submitted in early June 2021 and officially approved on August 4, 2021.
Clearing the actual 5,000 square foot site is estimated to cost around $30,000. The developer is working with The BG Group for demolition.
The developers include PMG with Sieger-Suarez Architects are the designers for the project. This tower will be truly one-of-a-kind with a unique design featuring 9 stacked glass cubes offsetting each other as they go vertical. Design interior created by BAMO design firm.
Waldorf Astoria Hotel & Residences will rise 1,049 feet tall and will feature 360 condos, 205 hotel rooms, and suites.
Tower Amenities:
Peacock Alley
True Waldorf Service and concierge
Unobstructed views of city and downtown skyline, Miami Beach and Atlantic Ocean
Waldorf Astoria immersive resort-style pool with outdoor café and private cabanas
Private Bar/ Wine Tasting Room
Signature Restaurant
All-Day Dining Brasserie
Pre-function and function spaces
Meeting and boardrooms
Waldorf Astoria Kids Club
24-hour valet parking
Signature spa
Leading-edge fitness center with private training studios
Residential Amenities:
24-hour doormen and lobby desk attendants
Private porte cochère with 24-hour valet service and private residential entry
24-hour concierge services in addition to dedicated on-site professionals
Live-in resident manager and 24-hour security
Front-door package and service delivery via signature Concierge Closet
Owners Lounge with high ceilings
Billiard and entertainment room with panoramic bay views
Designed for private functions and equipped with adjacent catering kitchen
Private residential pool deck with whirlpools with lounging areas
Exclusive Waldorf Astoria Miami access and benefits, including preferred spa and restaurant rates and access to à la carte hotel services
Property Markets Group, Greybrook, and Hilton are also partnering on the project. The groundbreaking is still planned for the beginning of 2022.
District 225- Formerly Named The District-Have Officially Launched Sales
District 225 is an innovative pre-construction development that will soon grace the Miami skyline. What makes this project unique is its home-sharing capabilities as well as its resort-style amenities.
Located at 225 and 233 N. Miami Avenue in downtown Miami, this 37-story tower will feature 343 fully furnished units that cater to short-term renters. The site is near Miami-Dade College and the Federal courthouse. Just two blocks east is the Government Center transit station. There is currently a 15,000 square foot retail building located on the property but once demolished the construction will begin.
The Related Group, Rovr, and BH group are working together on District 225. Siegler Suarez Architects partnered with Meshberg Group will be responsible for the design.
Along with 343 units, District 225 will not have a parking garage. To alleviate some consumer hesitancy, residents will have close access to public transportation as well as nearby city garages where residents can rent spaces.
District 225 will total 288,400 square feet with studios to 2 bedroom floor plans. Studio pricing will begin around $350,000 up to $700,000 for the 2 bedroom floor-plans. There will also be 2,297 square feet of commercial space located on the main floor.
District 225 Amenities
Rooftop pool
Fitness center
Indoor/outdoor basketball court
Racquetball court
Rock-climbing wall
Yoga/spinning studio
Coworking spaces
Lounge with billiard tables
Summer kitchen
Residence Amenities
Views of Biscayne Bay and Miami skyline
Fully finished and furnished studios, one-, and two-bedroom residences
9.8-foot-high ceilings
Smart-home technology experience for seamless personalization with the touch of a button
Interiors designed by award-winning interior design firm Meshberg Design
Fully built-out closets in all residences curated by Meshberg Design
Includes integrated audio, video, window treatment, and lighting systems
Equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
Built-in, top-of-the-line washer and dryer
Flooring selections included with specifications recommended by Meshberg Design
Pre-wired for high-speed communications and data connection
Kitchens featuring custom Italian cabinetry curated by Meshberg Design
Smeg appliance package including an integrated, paneled microwave; dishwasher; built-in convection oven; and refrigerator/freezer
Master baths featuring rainfall showerhead and custom Italian vanities
Dornbracht and Duravit bathroom fixtures, features, and accessories
If you or someone you know have an interest in purchasing at District 225, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Four Seasons Miami Sold for $130 Million
Developer for the Four Seasons Surf Club in Surfside recently purchased the Four Seasons Miami in Brickell for $130 Million. With this purchase, Fort Partners (developer for Four Seasons) now have full control over all of the Four Season properties in South Florida.
The deal was financed through a New York company Madison Realty Capital for a $105 million loan. The full purchase price is unknown but according to the press release, the property traded for close to $130 million. This selling price equals $588,000 per room.
The hotel located at 1435 Brickell Avenue is a part of a 70-story tower that includes residential units, retail, parking, and a gym. The hotel was completed in 2003 and was considered then the tallest tower in Miami.
According to the Managing Principal and Co-found of Fort Partners, their plans are to renovate the hotel. They also want to ‘modernize’ the hotel rooms, lobby, and pool deck. They are also looking for additional food and beverage restaurants/bars to join the brand.
The sellers for the hotel include Westbrook Partner, a New York-based company. They purchased the property 10 years ago with a 3 part deal to eliminate debt on another Miami Property. They originally acquired the property for $40 million. Fort Partners was represented by JLL’s Jim Dockerty, Kevin Davis, and Mark Fisher.
Last year, the tourism industry stood at a pause as well as a dim future. Now, that states have opened up and are allowing travel, we are seeing more hotel transactions. In June, Pebblebrook Hotel purchased Margaritaville Hollywood Beach Resort for $270 million. Allen Morris Company, Stormont Hospitality, and Black Salmon teamed up to purchase a Miami Beach hotel for $25.5 million. TPG Real Estate Partners have also purchased 2 hotels in Edgewater for $61 million.
Photo Credit: resortpass.com
Construction Begins on Modera Skyler Phase II in Downtown Miami
Modera Skylar Phase II is a new development located in the River district of downtown Miami. Situated just north of the Miami River, this 21-story tower will feature 97 units with panoramic views of the city.
This project is being developed alongside the original Modera Skylar (which was recently remodeled), developed by Mill Creek Residential.
Located at 1444 NW 14TH Avenue, Miami FL 33125, Modera Skylar residents will have the option of 1 to 3 bedroom floorplans with den options. Floor plans range from 805-1,146 square foot options with pricing at $2,185 to $2,668 monthly.
Modera Skylar is conveniently located near restaurants and shopping with multiple commuter options available. Amenities of Phase II are similar to that of the original Modera but phase II will feature a 2-story amenity center with a resident loft. A dog park, controlled access parking, and dry-cleaning services will be the newest addition to Modera Skyler.
Modera Unit Amenities
Redesigned kitchens with stainless steel appliances, quartz counters, and tile backsplash
Vinyl plank flooring throughout the entire home
LED Light Fixtures
New sink and faucet features
Solar shades in every room
Private balcony
In-home washer and dryer
9-foot ceilings
Pantry
Ceramic tile flooring
Generous closet space
Glass top stove
Breakfast bars
Linen closet
Two full baths
Walk-in shower
Wrap-around balconies
Views of weekly fireworks show at Marlins Park
*Select homes
Modera Building Amenities
Redesigned rooftop pool and sundeck
Poolside lounge seating with cabanas and daybeds
Soothing rooftop hot tub
Reimagined outdoor entertainment area with grills and lounge seating
Outdoor lawn with lounge seating and cornhole
New GymRax outdoor fitness system
24-hour fitness center
Chic resident clubhouse with lounge seating and TVs
Entertainment kitchen in the clubroom
Coffee bar
WiFi lounge
Stunning sunset views from the rooftop
Unobstructed views of Downtown Miami and Marlins Stadium
Dog – and cat-friendly
Ample parking
Reserved covered parking
Online rent payments and service requests
Elevator access
Controlled access entry
Easy access to public transportation
Located in the Health District near the University of Miami School of Medicine
Convenient Downtown location
Minutes from Wynwood Arts District, great restaurants, shopping, and more
Construction for Modera Skyler Phase II is anticipated to be completed by September 2022.
49-Story Tower- Society Biscayne Tops off Construction in Downtown Miami
Credit: society_living
As of yesterday, PMG announced on their Instagram page that Society Biscayne has officially topped off construction. Located at 400 Biscayne Blvd, the 49-story multi-use tower started construction earlier this year with a construction loan of $162 million taken out in September 2020.
Developed by PMG and Greybrook Realty Partners, this project will feature 51,000 square feet of commercial offices, 704 rental apartments, and 17,801 square feet for a church. The First United Methodist Church originally sold the property to PMG in a deal to have a new facility built out for them upon completion of current construction. There will also be an additional 1,000+ square feet of retail space on the ground floor.
Sieger Suarez Architects is responsible for the design of Society Biscayne. The renderings for the 571-foot tower show the classic PMG style with floor-to-ceiling glass windows on every floor. The design for the first 10 floors appears to be dedicated to amenities, with a massive piece of art intricately positioned on the exterior walls facing Biscayne Bay, with a diamond-like design on the opposite side.
The units will feature studio to 3 bedroom floor plans with 534 to 1,382 square feet of living space. Each unit will feature an expansive balcony with views of the Miami skyline, downtown Miami, and/or Biscayne Bay.
Development Amenities:
Modern gym and fitness studio
Expansive pool deck
Coworking lab
Lobby restaurant and bar
Daily community events
This project is expected to be completed by the end of 2021 with an opening date of January 2022.
Related Group Revives 1400 Biscayne Project – Previously Known as Auberge Residences
As the old sales gallery lights come on for what once was the Auberge Residences, rumors began circulating about the development that never started. Will they begin the project? What’s happening at the sales center? It has been officially confirmed that Auberge Residences, now called 1400 Biscayne is making a come back.
We are unsure why the project was first canceled but we are excited for what’s to come of this development. Located at 1400 Biscayne Bay Road in the heart of downtown Miami, 1400 Biscayne will be centrally located just steps from Adrienne Arsht Center for the Performing Arts, Pérez Art Museum Miami, Phillip and Patricia Frost Museum of Science, and just minutes from the Design District.
The original plans for this project featured a three-tower complex with an eleven-story retail/restaurant podium, 1,629 parking spaces, and resort-style amenities. The new plans for this project include a 60 story ‘uniquely angled’ façade tower with ocean views from every residence.
The double-height lobby designed by Italian designer Piero Lissoni will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout. The developer for this project is The Related Group with landscape architecture by Enzo Enea.
Sales for 1400 Biscayne will begin in early August 2021. Construction for the development is estimated for spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at 1400 Biscayne, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
